1. Best online banks

Best Online Banks 2022

Choosing the right bank for you isn’t necessarily an easy task. Do you want to open a checking or a savings account? Do you want to have the option of going into a branch office when you really need help? Do you want a bank that offers checking and savings accounts? Would you like to invest in a CD or money market account with the same institution?

To help you choose the best bank for your needs, we here at Investor Junkie have published in-depth reviews of some of the biggest online banks out there. Our recommended bank is Ally Bank, but be sure to read all of the reviews do your due diligence. It offers fee-free checking accounts and has savings options. If you’re looking for certificates of deposit, Ally Bank offers a range of options. The company not only has a checking option but also provides investing options through its Robo advise platform. Here’s our complete list:

1. Lili Bank– For Freelancers

If you’re a freelancer and need a simple, easy-to-use banking service, Lili Bank could be a good solution. Aimed at freelancers and sole proprietors, Lili is a free service that offers tracked expenses, automatic savings buckets, and more.

You can create reports to track your spending and use those same reports to help you file your taxes. You can also create savings buckets for things like taxes, so you have the exact amount of taxes owed each quarter and are not scrambling to find extra money to pay Uncle Sam.

Best of all, Lili has no monthly fees or account minimums. The only fees are for using an out-of-network ATM or returned check, which is easy to avoid.

Lili BankFeatures
Products OfferedChecking, Savings Buckets
Checking APYNone
FeesMonthly fee: $0 Out-of-Network ATM: $2.50 ($5 for international ATMs) Returned Checks: $25
Free ATM AccessMore than 38,000 MoneyPass ATMs

2. Juno – For a Bonus Rate and Cash Back

Juno offers a low fee checking account with a 1.20% bonus rate, cash back, and no foreign transaction fees. With offices in Singapore, India and San Francisco, Juno could be the perfect bank for those who travel a lot or have family overseas.

While Juno just offers a checking account, the bonus rate offered makes it feel like a checking and savings account rolled into one. They offer two accounts: a basic account and a Metal Membership account. The basic account is free, but comes with less perks than the Metal account, which costs $9.99 a month.

You can get a 1.20% bonus rate on up to $5,000 for the basic account or $30,000 for the Metal account. And when you shop at participating retailers, you can get up to 5% cash back. Crypto fans will also be happy since you earn 3% APY on Bitcoin and Ethereum holdings and 6% APY on USDC.

Products OfferedChecking
Bonus Rate1.2% on eligible balances
FeesMonthly Fee: $0- $9.99
Free ATM Access85,000 Allpoint and MoneyPassATMs

3. Novo — For Small Business

If you’re a small business owner or solopreneur, Novo offers online solutions that might appeal to you. Just for business checking accounts, this fintech company charges nearly no fees and will reimburse you for other banks’ ATM fees on an unlimited basis. As with a Chime® account, you won’t receive any paper checks, but Novo can cut and send a check to a designated payee.

Unfortunately, there’s no way to deposit cash, so if your business completes any cash transactions, you’ll need to find a different business account.

Products OfferedBusiness checking
Checking APYNone
FeesMonthly Fee: $0 Overdraft: $27
Free ATM AccessUnlimited ATM fee reimbursements

4. LendingClub Bank — Cashback and High-Yield Savings Accounts

LendingClub Bank is another online-only bank that pays cashback to customers. To receive 1% back on all purchases made with your debit card, you must maintain an average balance of at least $2,500 or receive at least $2,500 in direct deposits each month. That’s easy enough to do if you get direct deposits from your employer.

LendingClub also offers tiered high-yield savings accounts that pay up to nearly 20 times the national average. ATM users, listen up: LendingClub Bank grants you access to more than 325,000 fee-free ATMs. But if you use an out-of-network machine, not only will LendingClub not charge you a fee, but it will give you unlimited reimbursements for the other guys’ fees. As with Capital One 360, you can make cash deposits at some LendingClub bank-affiliated ATMs.

LendingClub BankFeatures
Products OfferedRewards checking, savings, CDs
Checking Rewards1% cash back if you meet balance requirement
FeesMonthly Fee: $0 Overdraft: $25
Free ATM AccessMore than 325,000 NYCE, SUM, and MoneyPass ATMs

5. Ally Bank

Currently, Ally Bank ranks high as our recommended online bank. It offers an interest-paying checking account, provides friendly customer service 7 days a week from 7 am to 10 pm (Eastern Time), and charges zero maintenance fees.

Ally Bank is a subsidiary of Ally Financial, a huge firm that actually traces its roots back nearly 100 years. It’s the sister company of online brokerage Ally Invest, which we here at Investor Junkie have also rated highly.

Along with checking accounts, Ally offers savings accounts and certificates of deposit (CDs). So, you can take advantage of several different banking options to keep your money safe and grow it too.

Ally Bank’s checking account offers the following features:

  • A debit MasterCard
  • Free use of any Allpoint ATM
  • Reimbursement of up to $10 per statement cycle for fees charged by out-of-network ATMs in the U.S.
  • eCheck Deposit
  • Zelle
  • Online Bill Pay

Plus, you’ll earn interest, too. Accounts with minimum daily balances above $15,000 earn 0.60% APY, while lesser balances earn 0.10%. We’ve seen savings accounts with lower APYs.

But maybe the best thing about Ally Bank checking accounts is that there are no maintenance fees. So you don’t have to worry about meeting a list of criteria to keep your money there for free.

Ally Bank’s checking accounts are suitable for just about everyone, from college students to retirees.

Ally BankFeatures
Products OfferedInterest checking, savings, money markets, CDs
Checking APY0.1-0.5%
FeesMonthly Fee: $0 Overdraft: $25
Free ATM AccessMore than 40,000 Allpoint ATMs

6. Capital One 360

Capital One 360 has branches in some states, but anyone in the U.S. can use it as an online-only bank. It offers great interest rates and charges no recurring fees. Plus, Capital One 360 gives you flexibility in deciding how overdrafts are handled to avoid fees. Capital One 360 is also one of the rare online banks that allow you to deposit cash using an ATM. So if you get paid largely with greenbacks, this could be a great choice for you.

If you’ve traveled abroad, you likely know how painful transaction fees can be when you want to use your U.S. debit card. Heck, you may even have been charged exorbitant fees just for buying something from an international retailer online while sitting in your own living room!

Capital One 360’s popular checking account is well known for its low fees. But you may not know that your 360 account grants you free access to your money abroad. There are no transaction fees when you use your debit card for a purchase in a foreign currency, and you won’t be charged for using an ATM outside the U.S. (however, the owner of the ATM may still charge a fee). 360 checking account holders can also receive free wire transfers from anywhere in the world.

Capital One 360Features
Products OfferedInterest checking, savings, CDs
Checking APY0.20%
FeesMonthly Fee: $0 Overdraft: $0
Free ATM Access39,000 Capital One and Allpoint ATMs

7. Chime

Chime is a financial app that offers interest-paying Spending (checking) and Savings accounts. Although Spending accounts don’t offer paper checks, there is an option to have Chime® cut and set a paper check to a specified recipient. You’ll also receive a free Chime Visa® Credit Card that you can use fee-free at nearly 60,000 MoneyPass and Visa Plus Alliance ATMs.

Products OfferedChecking, savings
Checking APYNone
FeesMonthly Fee: $0 Overdraft: $0
Free ATM AccessMore than 60,000 MoneyPass and Visa Plus Alliance ATMs
1. Best online banks

Online Banks 2022: Handle All of Your Banking Online

Interested in opening an online bank account? Here are the best banks for checking and savings.

Best Online Banks

You can do practically everything online these days — and that includes online banking. Only a couple of years ago, the idea of managing your money from your smartphone or computer seemed kind of strange. But now, millions of Americans have embraced online banks and the benefits it offers.

What Is an Online Bank?

An online bank is a bank that operates completely online. Instead of going to a brick-and-mortar branch and getting help from a teller, you handle most of your banking needs yourself through your computer or smartphone.

With an online bank, you can log into your account to:

  • Transfer funds
  • Pay bills
  • Send money
  • Make basic updates to your account.

Most online banking is self-service; you don’t have to drive anywhere or wait in lines. So, ultimately, it helps most people save time when dealing with their money.

But there are even more significant benefits to using an online-only bank:

  1. Because these banks have far fewer overhead costs, most of them “pass the savings” on to you in the form of eliminated or reduced fees
  2. 24/7 customer service
  3. Higher-than-average interest rates on savings products
  4. You can even find checking accounts that pay interest

Can your traditional bank do that?

Of course, the big drawback is that it can be less convenient to access your cash (although many online-only banks have extensive ATM networks). But because fewer of us use cash regularly, this might not be an issue for you. In fact, if you get paid by direct deposit and don’t use much cash, online banking is probably perfect for you.